Exploring Solana‘s NFTs Marketplace: Magic Eden

TL: DR

- Magic Eden accounts for more than 50% of NFTs traded on Solana's blockchain, which makes it a prominent marketplace for buying, selling, and minting NFTs.
- Magic Eden works for new NFT and secondary market trading; NFTs are first launched and then bought and sold.
- Some of the features and tools of the leading Solana's NFTs platform include popular collections, Stats, attributes filter, etc.

Keywords: Magic Eden, NFT collection, minting, launchpad, filter, stats, trading, secondary market.


Introduction

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Solana's NFT marketplace, Magic Eden, has become a notable digital space for minting, buying, and selling non-fungible tokens, NFTs. Magic Eden is the brainchild of four friends who identified gaps in existing NFT marketplaces and decided to create something new. Magic Eden's success has been attributed to the perfect chemistry of the team. Last month, the NFTs marketplace recorded over $214 million in trading volume with over 250,000 users. Its all-time trading volume is now over $1.44 billion. Around the same period, the community-centric NFT marketplace announced closing a Series B funding round for $130 million. The funds raised are earmarked for expanding Magic Eden's primary and secondary marketplaces, financing multi-chain opportunities, and investing in the team and technology to enhance the user experience.


What is Magic Eden?

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Magic Eden is the Solana blockchain's largest NFT marketplace. It enables traders to buy, sell, mint, and manage tokens and has a thriving secondary market. Magic Eden is a decentralized NFT marketplace where people can buy digital collectibles and gaming assets from various NFT creators. The marketplace is Solana's leading NFT trading platform, with a market share of more than 90% in secondary sales. It includes exclusive NFTs from well-known creators and new and emerging creators. The Solana blockchain can process more than 65,000 transactions per second and has a one-second block time compared to Ethereum, which can only process 30 transactions per second and has a block time of 15 seconds. The Magic Eden NFT marketplace debuted in September 2021 and quickly established itself as a leading player in the NFT ecosystem.


Magic Eden Features and Tools

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Aside from the fact that Magic Eden monitors and vets the projects it selects for inclusion on the platform, the marketplace has some exciting features. These features include:

1. Popular Collection:
One thing that excites NFTs lovers is the ability to keep up with the projects making waves in the NFT space. The "Popular Collections" feature lets you do just that by informing you about which projects are currently gaining traction. This feature is handy for traders who want to make a quick profit by focusing their attention on the most popular NFTs available on Solana.

2. Launchpad:
Launchpad is Magic Eden's minting platform, and also serves a vetting purpose for projects. Magic Eden strives to make creating and distributing NFTs as straightforward as possible through the launchpad. Users will only upload files that represent their work, Magic Eden handles the rest of the process entirely. The project's creators hope this will enable the artists to focus solely on their work.

3. Stats:
If you want to purchase an NFT, It is good you know some factors that will almost certainly contribute to its long-term value. These factors include the available quantity, current value, or category into which they fall. Magic Eden makes provision for this in the "Stats" section. The section provides a good indicator of which NFTs are popular now and which will remain popular in the future.

4. Attributes Filter:
Attributes filter is the feature that is useful for searching through the wide range of NFTs on Magic Eden. The Attributes Filter helps in narrowing down searches. Qualities such as the background, clothing, eye design, and so on can all be used in your search.

5. Decentralization and Community-centric:
Magic Eden frequently emphasizes the importance of decentralization. Giving the user community a voice is one way it strives to accomplish this process. Magic Eden also introduced a Magic Ticket airdrop to promote ecosystem interconnectivity. This feature allows regular users to provide feedback or join Magic Eden's official channels to connect with others who share their interests.

6. Focus on the Secondary Market:
Magic Eden focuses on the primary and secondary markets for its featured NFTs. It implies that authors can be compensated with royalties from secondary sales. The secondary sales are the NFT trades that occurred after the initial sale on the website.







Top NFT collections on Magic Eden

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Tripping Ape Tribe:


One of the top NFT collections on Magic Eden is Tripping Ape Tribe. It is a Solana-based NFT community of 10,000 Apes initially created as PFP avatars. Tripping Ape Tribe is a community-driven project supported by storytelling and long-term utility. It is sold at a floor price of $17.50 SOL (529 USD) with a total trading volume of $458k SOL (13,892,952 USD).

Just Ape:


Another popular NFT collection on Magic Eden is Just Ape. It is an NFT collection of 10,000 apes. These NFTs have unique characteristics and carry the tagline "Back to basics." Just ape is intended to foster a community of leading Web3 developers, creators, and contributors. It is currently trading at a floor price of 6.10 SOL (184 USD) with a trading volume of 161,732.65 SOL (4.8M USD).

Okay Bear:


Okay Bears has become a household name. The first-ever Solana NFT project made history with its all-time high trading volume. Okay Bear is an NFT collection of 10,000 bears, each with a unique set of traits. "OK, Bears, there is a cultural shift."

Okay Bears currently has a floor price of 94 SOL ($2,845) and an all-time trading volume of 1M SOL, which is approximately $54M.


How to buy NFT on Magic Eden

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1. Visit Magic Eden's official website:
First, you must visit Magic Eden's official website. You can easily search through popular collections on the website and view vital stats about each digital asset.

2. Connect your crypto wallet:
The next step is for you to connect your crypto wallet. You can select the Wallet option from the homepage in the upper-right corner. To proceed, you will be asked to connect a Solana-compatible wallet. Phantom Wallet is the default option, but other options are available.

3. Look for an NFT collection:
The Magic Eden marketplace has many vetted NFT collections. You can use the site's helpful filters to find the best suits your needs.

4. Research the NFTs:
Learning as much as possible about the NFTs you intend to purchase is critical. This consideration is why Magic Eden will show project details like total trading volume or the NFT's floor price. You will also be able to read a brief de_script_ion of the NFTs and their pricing.

5. Purchase the NFT:
You've finally decided to buy your desired NFT from Magic Eden. Once you've decided, you can buy it outright using the "Buy Now" option or make an offer. The latter option allows you to propose to the seller a lower price than the one for which the NFT is listed.


In summary

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Exploring Magic Eden is fascinating, looking at the features and the performance of the NFTs marketplace even during crypto winter. Magic Eden aims to be one of the largest NFT marketplaces in the crypto space. As it already accounts for the largest NFTs traded on the Solana blockchain, Magic Eden can well be said to be on the path to achieving this goal.




Author: Gate.io Observer: M. Olatunji
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